March 7 (Bloomberg) -- D.E. Shaw & Co., the $28 billion hedge fund that uses computer models to pick trades, hired Angel Ubide from Tudor Investment Corp. and Brian Sack from the Federal Reserve Bank of New York as global economics directors.
Ubide, 45, and Sack, 42, will serve as senior vice presidents and co-directors of global economics in the New York- based firm’s discretionary macro investing unit, D.E. Shaw said in a statement obtained by Bloomberg News.
That unit is overseen by Max Stone, a managing director and member of the firm’s five-person executive committee. Macro funds, which are designed to profit from global macroeconomic trends, have struggled to make money in recent years, posting industrywide losses in 2011 and 2012 after gains from 2006 through 2010, according to data compiled by Bloomberg.
Ubide was director of global economics at Tudor, Paul Tudor Jones’s $12.1 billion Greenwich, Connecticut-based hedge fund, where he worked for more than a decade, D.E. Shaw said in the statement. Before joining Tudor, he was a staff economist at the International Monetary Fund and an associate at McKinsey & Co. Inc. Ubide is currently a senior fellow at the Peterson Institute for International Economics in Washington. He will split his time between D.E. Shaw’s Washington and New York offices.
Sack was most recently an executive vice president at the New York Fed, where he earlier served as head of its markets group, the firm said. Prior to that, he was a vice president at Macroeconomic Advisers LLC, an economic modeling and forecasting firm, and deputy director of its Monetary Policy Insights service.
David Shaw, a former Columbia University computer science professor, founded D.E. Shaw in 1988. The firm has 1,000 employees and offices in North America, Europe and Asia.
--Editors: Josh Friedman, Christian Baumgaertel